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Gentrification is the restoration and upgrading of deteriorated urban property by the middle class and commercial developers, often causing displacement of low income people. The purpose of this study is to examine what the driving forces of gentrification in Seoul are. It offers an empirical analysis of gentrification in the 522 administrative dong of Seoul in 1990 and 2000 using correlations, factor analysis, and stepwise regression. It reveals that gentrification in Seoul is mainly affected by the changes in the land values, demographics, economic base, and institutional policy, excluding housing type and ownership. Collectively, the results of my theoretical and empirical investigations show that gentrification in Seoul has the same pattern as Western cities in that the rent gap and post-industrial city status theses are applicable to explain gentrification in Seoul. It suggests gentrification as an alternative method for raising urban tax revenues and inducing the Korean middle class into the inner city of Seoul.